Fox to Acquire Roku in $22 Billion Strategic Streaming Merger

Fox Corporation has announced a definitive agreement to acquire streaming giant Roku in a cash-and-stock transaction valued at $22 billion. By integrating Roku’s expansive connected TV (CTV) platform with Fox’s portfolio of news, sports, and its existing streaming service, Tubi, the company aims to establish itself as the third-largest television entity in the United States. The deal, which has received board approval, is slated to close in the first half of 2027.

This acquisition represents a major pivot for Fox, providing the broadcaster with direct access to Roku’s 100 million households. For Fox, the primary value lies in the ability to modernize its advertising infrastructure. By leveraging Roku’s sophisticated data and targeting capabilities, Fox intends to reduce its reliance on traditional linear distribution models and capture a larger share of the rapidly growing connected TV advertising market.

The merger signals a broader industry shift where legacy media companies are aggressively seeking to own the distribution layer of the streaming ecosystem. By combining content production with a dominant hardware and software interface, Fox is positioning itself to compete more effectively against tech-native streaming giants. This move not only secures a massive audience reach but also provides the infrastructure necessary to scale Fox’s direct-to-consumer ambitions in an increasingly fragmented media landscape.